by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL GOLD
April gold futures closed down $0.90 at $910.20 today. Prices closed near the session high today. No chart damage has occurred during this corrective pullback. The gold bulls still have the near-term technical advantage amid still no strong clues that a market top is close at hand. Gold bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $931.00. Bears’ next downside price objective is closing prices below solid support at last week’s low of $888.40. First resistance is seen at today’s high of $914.50 and then at $920.00. Support is seen at $900.00 and then at $895.00.
Wyckoff’s Market Rating: 8.0
MARCH SILVER
March silver futures closed up 10.3 cents at $17.353 an ounce today. Prices closed nearer the session high today. Bulls still have the solid upside technical advantage. Bulls’ next upside price objective is closing prices above resistance at the contract high of $17.65 an ounce. The next downside price objective for the bears is closing prices below psychological support at $17.00. First resistance is seen at today’s high of $17.42 and then at $17.50. Next support is seen at $17.10 and then at $17.00.
Wyckoff’s Market Rating: 8.5
MARCH COPPER
March N.Y. copper closed down 295 points at 353.05 cents today. Prices closed nearer the session high today and no chart damage occurred. Bulls still have upside technical momentum. Bulls’ next upside objective is closing prices above solid technical resistance at this week’s high of 359.90 cents. The next downside price objective for the bears is closing prices below solid technical support at 345.00 cents. First resistance is seen at today’s high of 355.90 cents and then at 359.90 cents. First support is seen at 350.00 cents and then at today’s low of 347.65 cents.
Wyckoff’s Market Rating: 7.0
